Pasdec Holdings Bhd plans to develop a housing project in Kuantan,
Pahang in a joint venture (JV) with Sedimi Property Development Sdn Bhd (SPDSB).
Its wholly owned subsidiary Pasdec Corporation Sdn Bhd has partnered with SPDSB to develop 238 vacant leasehold plots, totaling 60,049 square metres, at Bandar Indera Mahkota.
Tech Max Construction Sdn Bhd owns 30 per cent of Sedimi Property Development, with remaining shares are held by several individuals.
According to Pasdec, the proposed housing project will enable it to accelerate development without adding to the company's financial load.
Pasdec stated in a stock exchange filing yesterday that the JV proposal would also enable it to concentrate on other ongoing and future development projects.
The Kuantan project would be developed in two parts, according to the filing. Phase 1 will comprise 157 units of single-storey terrace houses, and Phase 2 will consist of 80 units of single-storey semi-detached homes.
According to Pasdec, it has secured the development order and has submitted the project's pre-computation plan as well as a partial building design for Phase 1 to the relevant authorities for approval.
Pasdec, as the landowner, is entitled to 33 per cent of the units built; these units include no less than 52 terrace homes and 26 semi-detached homes, with a total sales value of not less than RM32.43 million.